Transcat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), a leading distributor of professional grade handheld test and measurement instruments and accredited provider of calibration, repair and weighing system services, announced today that it has entered into a non-binding Letter of Intent to acquire substantially all of the assets of Wind Turbine Tools, Inc. and affiliated entities.
Wind Turbine Tools and its founder, Jim Daugherty, are widely recognized within the wind energy industry as a premier provider of unique product tool kit solutions, technical assistance, torque calibration and hydraulic services.
Charles P. Hadeed, President, CEO and COO of Transcat, commented, “Our strategy is to increase our market share as a provider of products, tools and services within the rapidly expanding wind energy industry in North America. We believe that this acquisition, which complements our 2008 acquisition of Westcon, will strengthen our position and broaden our customer base within this industry.”
Jim Daugherty commented, “I am looking forward to the combination of our companies which will provide our customers a nationally recognized distributor of torque tools and test and measurement instrumentation and access to a broad network of accredited calibration labs.”
The acquisition is expected to be an all cash transaction and is subject to several contingencies, including satisfactory due diligence by Transcat and the execution and closing of a definitive agreement. The terms of the transaction were not disclosed.
Transcat, Inc. is a leading distributor of professional grade handheld test and measurement instruments and accredited provider of calibration and repair services primarily for the pharmaceutical and FDA-regulated, industrial manufacturing, energy and utilities, chemical manufacturing, and other industries. Through its distribution products segment, Transcat markets and distributes national and proprietary brand instruments to nearly 14,000 customers. The Company offers access to more than 25,000 test and measurement instruments. Transcat delivers precise, reliable, fast calibration, and repair services across the United States, Canada and Puerto Rico through its 13 strategically located Calibration Centers of Excellence. Transcat’s calibration laboratories are ISO-9001 registered and the scope of accreditation to ISO/IEC 17025 is believed to be one of the broadest in the industry.